Report 
 
      
Registrant:   Trust for Advised Portfolios — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended:  5/31/15

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      1261788
SEC File #:   811-21422

Telephone #:  626-914-7385
 
 2.
Address:      615 East Michigan Street
              Milwaukee, WI  53202
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  Yes

The number of separate Funds/Series (portfolios) at period end:  8
The number of separate Funds/Series (portfolios) reported here:  1...

N-SAR S#      Fund/Series — Filings for F/S#… ⇒ Symbols 
 
↓Information Common to All 
↓
Series 10:    Thomas Crown Global Long/Short Equity Fund — S#47870 ⇒ TCLSX
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  8

The Identification Code of the family for Form N-SAR Filings:  TAPMSTFUND
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  No
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
 All Series
↑List of Funds/Series Reported Here 

Information Common to All Funds/Series
 
 All: 
Administrator 
 
10.1
Name:         U.S. Bancorp Fund Services, LLC
SEC File #:   085-11357
Location:     Milwaukee, WI
 
 All: 
Principal Underwriter 
 
11.1
Name:         Quasar Distributors, LLC
SEC File #:   008-52323
Location:     Milwaukee, WI
 
 All: 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         U.S. Bancorp Fund Services, LLC
SEC File #:   085-11357
Location:     Milwaukee, WI
 
 All: 
Independent Public Accountant 
 
13.1
Name:         BBD, LLP
Location:     Philadelphia, PA
 
 All: 
Custodian 
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
 All: 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       Interactive Brokers LLC
IRS #:        13-3863700
Commissions paid ($000s):  2
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  4
 
 All: 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       North Point Portfolio Managers
IRS #:        34-1887341
Registrant’s purchases ($000s):  200
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  6,434
   Aggregate sales ($000s):  4,576
 
 All: 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  No
Receipt of quotations for portfolio valuations .........................  Yes
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
 All: 
Advisory Fee 
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  No
Salaries & compensation of Registrant’s interested Directors ...........  No
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  No
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  No
 
 Series 10
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 7.
Name:         Thomas Crown Global Long/Short Equity Fund — S#47870 ⇒ TCLSX

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S10: 
Investment Adviser 
 
 8.1
Name:         Thomas Crown Capital, LLC
Role:         Adviser
SEC File #:   801-80465
Location:     Atlanta, GA
 
 S10: 
Custodian 
 
15.1
Name:         BNP Paribas Securities Services Sca
Role:         Sub-Custodian
Location:     Paris
              France

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.2
Name:         Cibc Mellon Global Securities Service Co.
Role:         Sub-Custodian
Location:     Toronto
              Canada

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.3
Name:         Cibc Mellon Trust Co.
Role:         Sub-Custodian
Location:     Ottawa
              Canada

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.4
Name:         Citibank International Ltd.
Role:         Sub-Custodian
Location:     Paris
              France

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.5
Name:         Citibank N.A. – Sao Paulo Branch
Role:         Sub-Custodian
Location:     Sao Paulo
              Brazil

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.6
Name:         Citigroup Pty Ltd.
Role:         Sub-Custodian
Location:     Sydney
              Australia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.7
Name:         HSBC Bank (China) Co., Ltd.
Role:         Sub-Custodian
Location:     Shanghai
              China

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.8
Name:         HSBC Bank (Taiwan) Ltd.
Role:         Sub-Custodian
Location:     Taipei
              Taiwan

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.9
Name:         Itau Unibanco S.A.
Role:         Sub-Custodian
Location:     Sao Paulo
              Brazil

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.10
Name:         Mizuho Bank Ltd.
Role:         Sub-Custodian
Location:     Tokyo
              Japan

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.11
Name:         National Australia Bank Ltd.
Role:         Sub-Custodian
Location:     Melbourne
              Australia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.12
Name:         Skandinaviska Enskilda Banken AB
Role:         Sub-Custodian
Location:     Stockholm
              Sweden

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.13
Name:         Skandinaviska Enskilda Banken AB (Seb)
Role:         Sub-Custodian
Location:     Copenhagen
              Denmark

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.14
Name:         Standard Chartered Bank (Taiwan) Ltd.
Role:         Sub-Custodian
Location:     Taipei
              Taiwan

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.15
Name:         The Bank of New York Mellon
Role:         Sub-Custodian
Location:     Dublin
              Ireland

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.16
Name:         The Bank of New York Mellon S.A./N.V.
Role:         Sub-Custodian
Location:     Frankfurt
              Germany

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.17
Name:         The Bank of Tokyo – Mistubishi Ufj Ltd.
Role:         Sub-Custodian
Location:     Tokyo
              Japan

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.18
Name:         U.S. Bank, N.A.
Role:         Custodian
Location:     Milwaukee, WI

Type of custody:  Section 17(f)(1) — Bank
 
15.19
Name:         UBS Switzerland AG
Role:         Sub-Custodian
Location:     Zurich
              Switzerland

Type of custody:  Rule 17f-5 — Foreign Custodian
 
 S10: 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
 S10: 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 3,494
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 50
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,472
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,000
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 50
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 125
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 320
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 25
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 6,411
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 125

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  0
 
 S10: 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  No
 
34.
Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  No
 
37.
Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  No
 
39.
Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
 S10: 
Payment Plan for the Distribution of Fund Shares 
 
40.
During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  No
 
 S10: 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  1.5%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
 S10: 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  No
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S10: 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $20,000
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  Yes
    Growth?                           No
    Growth and income?                No
               Income?                No
    Total return?                     No
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.
Is the Registrant/Series an index Fund?  No
 
 S10: 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             Yes to both
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         Yes      No
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes to both
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        Yes      No
Short selling?                                           Yes to both
 
 S10: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  2,481
Sales ($000s):      50

Monthly average Value of portfolio ($000s):  3,120

Percent turnover (lesser of Purchases or Sales, divided by Value):  2%
 
 S10: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  5

Income  ($000s)
Net interest income ..............................................
 –
Net dividend income ..............................................
 28
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 30
Administrator fees ...............................................
 35
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 14
Custodian fees ...................................................
 3
Postage ..........................................................
 –
Printing expenses ................................................
 1
Directors’ fees ..................................................
 5
Registration fees ................................................
 11
Taxes ............................................................
 –
Interest .........................................................
 1
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 8
Legal fees .......................................................
 7
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 –
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 11
Total expenses ...................................................
 126

Expense reimbursements ($000s):   85

Net investment income ($000s):    -13

Realized capital gains ($000s):   0
Realized capital losses ($000s):  19

Net unrealized appreciation during the period ($000s):  0
Net unrealized depreciation during the period ($000s):  2

Total income dividends for which the record date passed during the
period ($000s):  0

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0000

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S10: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 223
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 1,659
Long-term debt securities, including convertible debt ............
 –
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 4,765
Options on equities ..............................................
 21
Options on all futures ...........................................
 –
Other investments ................................................
 547
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 11
Other receivables ................................................
 7
All other assets .................................................
 15
Total assets .....................................................
 7,248

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 –
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 838
  Written options ................................................
 –
  All other liabilities ..........................................
 33

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 6,377

Number of shares outstanding (000s):   636

Net Asset Value (NAV) per share (to nearest cent):  $10.02

Total number of shareholder accounts:  16

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  4,839
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Russell B. Simon      
Name:   Russell B. Simon
Title:  Treasurer & Principal Financial Officer